Regional markets in Latin America continue to lead recovery as performance in key cities has lagged. In this article, we analyzed that trend for several key markets to assess where occupancy recovery stood at the end of 2020.
Amid an increase in COVID-19 cases in Colombia, several cities imposed curfews and stay-at-home measures for the first time since 1 September. The country had been seeing slight pickup in occupancy after lifting one of Latin America’s tightest lockdowns—Bogota’s 22.0% occupancy level for December was the market’s highest since March. The rest of the country was further ahead, however, with 38.7% occupancy in Colombia Provincial—the highest since February.
Also in December, the Regional Costa Rica market, as defined by STR, saw its highest occupancy level (37.7 %) since isolation began on 18 March. For comparison that same month, San Jose posted an occupancy level of 24.2% occupancy, also its highest level since March.
